Monday, May 24, 2010
BakBone Closes ColdSpark Division
San Diego-based b>BakBone Software said late Friday evening that it has "realigned" its corporate strategy, and has closed ColdSpark, the email software provider it acquired in May of last year. BakBone said it will be closing its entire division, and record an impairment charge of $12.6M in Q4, plus pay out around $300,000 in personnel related expenses related to the closing. BakBone did not say how many employees were affected, but said the move would help it focus on its core storage and data protection markets. Bakbone had said in May of 2009 that it would pay $15.9M in cash and stock for ColdSpark.